Cryptocurrency is taking the world by storm and quite successfully at that. Bitcoin has been around for a while now and is a pretty well established currency concept. Even though it has done so well, there are many people and institutions that are still skeptical about cryptocurrency, the coins and the process. Whether it is from a lack of understanding, not being open to a new concept or a general unease related to new financial operations, there have been certain myths floating around about the not-s0-elusive Bitcoin. And many of these are untrue.
Many people who have read up a little on the story of Bitcoin are intrigued by it and many want to seriously pursue its trade, but these stories interject questions regarding its feasibility, dependability and safety. Some common questions that are posed are:
- Is Bitcoin safe?
- Is Bitcoin real?
- Is Bitcoin legit?
These are all valid questions when it comes to spending your hard earned money. Well, first things first, you need to understand that Bitcoin is legit and safe and a legal form of currency in many countries.
So here are some common Bitcoin myths that need to be debunked.
Bitcoin is not secure
Many people have publicly insinuated that Bitcoin has been hacked several times. That is not true at all. Bitcoin has never been hacked in its history, as the blockchain it runs on is completely secure. The websites may have been attacked but there has not been any attack on the blockchain leading to stolen money from any Bitcoin trader or owner.
Bitcoin is not legal
Many people have this question: Is Bitcoin legit? Is it legal tender? Well in short, it is. There are some countries that state that legal tender is only printed bills and coins minted in the country itself, but they do recognise Bitcoin as a virtual currency.
Bitcoin is Only Stored Value
Bitcoin is not just value that is stored in a virtual space. It has become one of the front-runners as a mode of payment in many transactions. Many companies across the world have adopted Bitcoin as one of their payment options.
Bitcoin can Stop and Disappear
Bitcoin is not something that will just vanish. Since a decentralized network hosts it, there is no way an individual can take it down. It is part of the Internet grid and cannot vanish or disappear.
Bitcoin is too Complicated
Hearing all these terms may seem overwhelming right now, but if you give it a bit of time and learn about the basics of cryptocurrency, you will be a pro at it before you know. Right now, it’s all semantics. All you need to do is choose a secure wallet and a reliable trading platform and you are set. There are many platforms now that have everything for easy reach in one space, so that you can buy, save, cash out and much more as easily as paying out money through your phone, or your card.
Read also — The biggest crypto scams
These were some of the most commonly mentioned doubts asked around. Of course there are more, but whatever they may be, the one thing that you can take away from this is that Bitcoin is here to stay and is completely safe.
The more you learn about cryptocurrency, the more you will debunk these crypto myths. Yes you need to be vigilant as with any money, but Bitcoin is much safer as well as easier to trade internationally in comparison to other traditional methods.
Bitcoin is soon going to be one of the preferred modes of payment across the globe. We hope your fears are now a thing of the past and crypto myths bunked as you take this amazing new world in your stride.
